Aurora Cannabis Inc. (TSX:ACB) (NYSE:ACB) is a long-standing major player in the Canadian cannabis space. In early 2018, the stock began trading on the New York Stock Exchange. The year was up and down for the stock, with many major movements in the North American cannabis space. 2019 has kicked off to a great start for the Aurora stock but will it last? Let's dig deeper!
Aurora Stock Overview
Aurora Cannabis is based out of Edmonton, Alberta. The company began dispensing medical cannabis to patients in Canada in 2016. Now, the company has operations in 19 different counties, across five different continents. Currently, Aurora has collaboration agreements with Pharmasave, PharmaChoice, and Shoppers Drug Mart for the distribution, sale, and marketing of medical cannabis in Canada.
Those three companies are the biggest pharmacies throughout Canada. In addition, Aurora owns majority shares of a number of smaller cannabis companies like Hempco Food and Fiber (TSXV:HEMP), The Green Organic Dutchman Holdings Inc. (TSX:TGOD), and many others. Many of its subsidiaries are making major moves in the space, which could further push up Aurora stock.
This morning, Aurora announced that it has priced its convertible senior notes at $330 million USD, due 2024. The announcement explains:
"Aurora expects to use the net proceeds from the offering of the notes to support its Canadian and international expansion initiatives, for future acquisitions and for general corporate purposes, including working capital requirements to continue the Company's accelerated growth. The notes will be unsecured and will mature on February 28, 2024."
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Aurora Stock Movement
With its momentum into 2019, Aurora stock has the potential to make large share price gains this year. Especially with the movements of all the company's subsidiaries.
According to Yahoo Finance, ACB is currently trading on the NYSE at $6.62 a share, up +$0.05 (+0.84%). For the month, the Aurora Stock is up 20.3% and year-to-date, ACB is up over 32% on the NYSE.
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